Gecina (GFC) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial growth in 2025, with EPS up 4.2% year-over-year and a 26% increase since 2021, driven by revenue growth, disciplined cost management, and robust leasing activity, especially for prime, centrally located assets.

• Doubled office leasing performance versus 2024, letting 150,000 sq.m at an average +8% rental uplift; residential leasing also surged, with over 1,700 leases signed, tripling last year's figure.

• Dividend per share rose to €5.50, reflecting a 7% yield and 82% payout, with further growth expected and a second consecutive year of increase.

• Active portfolio rotation: €1.0bn of disposals at 3.2% yield, reinvested into €0.6bn of acquisitions at ~6.1% yield and €0.2bn into development at 5.8% yield.

• Exceeded 2025 CSR milestones, reducing energy consumption by 33% and carbon emissions by 63% since 2019.

Financial highlights

• Like-for-like rent growth of 3.8% and consolidated revenue growth of 2.6% year-over-year, outperforming indexation.

• EBITDA and recurring net income up over 4% year-over-year; since 2021, these metrics have risen nearly 25%.

• Asset values increased 2.3% like-for-like, with Paris CBD and Neuilly offices up 4.6% and 5.5% respectively.

• Annualized rental income at €708m, down €17m from prior year due to disposals and redevelopment, partially offset by new deliveries and acquisitions.

• G&A costs down 4% year-over-year; cost ratio improved by 270 basis points since 2021.

Outlook and guidance

• 2026 EPS guidance: €6.70–6.75 per share (+0.2% to +1.0% vs. 2025), with low indexation and continued market bifurcation.

• Dividend proposal of €5.5 per share, a 7% yield with an 82% payout ratio; gradual dividend growth expected through 2030 as pipeline projects are delivered and leased.

• Medium-term dividend payout ratio targeted at 80-85%.

• Four flagship pipeline projects and the repositioning of T1 Tower to drive future growth, with full impact expected by 2028-2029.

• New 2030 CSR targets: carbon emissions below 5.5 kg CO2/sq.m/year and net-zero carbon at delivery for developments.